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Mortgage approvals increase for the first time in six months

Mar 29 2023

Mortgage approvals rose for the first time in six months in February, highlighting slightly stronger demand from buyers.

Figures from the Bank of England showed that home mortgage approvals rose from 39,647 in January to 43,536 in February – reversing a downward trend in place since August 2022.

The “effective” interest rate – or the actual interest rate typically paid – on newly drawn mortgages increased to 4.24% in February.

Mortgage lenders have continued to lower their rates despite the Bank of England base rate increases and more providers have sub-4% fixed mortgages available.

Jason Tebb, chief executive of property search website OnTheMarket.com, was quoted as saying: “The uptick in approvals for house purchases for the first time since August 2022 suggests that the uncertainty around the mini-budget fallout, rising interest rates and inflation has calmed to an extent.

“Looking forward, consumers may feel less confident in the short term with another rate rise this month and inflation ticking up again, but even in challenging markets, there are those who need to move.”

Net mortgage lending to individuals

Net mortgage lending to individuals decreased from £2 billion to £0.7 billion in February. Looking at the period prior to the onset of Covid-19 in March 2020, this is the lowest level of net borrowing since April 2016 (also £0.7 billion). Households borrowed an additional £1.4 billion in consumer credit in February.

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Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Source: Bank of England Money and Credit report

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Mortgage approvals increase for the first time in six months

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